As we head into the last weekend of February, New England is shaking off Winter Storm Olive which brought snow, rain, and strong winds to the region.
Overall, February’s mild temperatures in the Northeast and Midwest has kept natural gas storage withdrawals to a minimum. Yesterday saw a 71 Bcf withdrawal according to the U.S. Energy Information Administration. Storage levels are estimated to be 22% higher than last year. This has kept natural gas pricing at its lowest levels we’ve seen for a few years now.
In other natural gas news, the Freeport Texas LNG export facility have filed with FERC to bring the facility back to full capacity. Freeport accounts for 17% of U.S. LNG exports.
Another winter storm, Piper, is already impacting California and will move across the country over the next few days.
Looking ahead to the 8-14 day temperature forecast we can expect to see normal to warmer than average temperatures for the Northeast and Midwest.